Integrated energy producer OMV Petrom (BVB: SNP) announced an extensive modernization programme at Petrobrazi refinery in Romania. The estimated investments to produce biofuels, green hydrogen, and other products with low carbon emissions, as well as for traditional activity, will amount to over EUR 2 billion by 2030. 

The refinery currently supplies about 30% of Romania's fuel needs, the company said.

Radu Căprău, an OMV Petrom Board of Directors member responsible for refining and marketing activities, said: "2024 is a special year for the Petrobrazi refinery. We are celebrating 90 years since we set Romania in motion and we are preparing for the future of transport. The energy transition means a mix of solutions: traditional fuels, biofuels, and electric mobility. And through the investments we are making in Petrobrazi, of EUR 2 billion until 2030, we will continue to provide our customers with quality fuels and biofuels."

OMV Petrom announced last week its decision to invest around EUR 750 million in a production facility for sustainable aviation fuel (SAF) and renewable diesel (HVO), as well as two green hydrogen production plants. As a result, starting 2028, the company will be able to supply up to 250,000 tons of biofuels per year.

In addition, the company said that investments to upgrade and streamline current processes will continue, which will reduce the refinery's environmental footprint. OMV Petrom aims to reduce the refinery's carbon emissions by more than 15% by 2030 compared to 2019.

The company also supports social projects with a positive impact on the communities in Prahova county, in the fields of health, education, and environment. Over the past three years, the value of these projects has exceeded EUR 10 million.

OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual group hydrocarbon production of approximately 41 million boe in 2023. The group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency gas-fired power plant.

The group is present in the oil products retail market in Romania and neighboring countries through approximately 780 filling stations under two brands – OMV and Petrom.

irina.marica@romania-insider.com

(Photo source: OMV Petrom)